The dollar gained steady strength against sterling this morning following the UK’s latest inflation data. Against the euro, the dollar is also stronger.
Today US will release data on retail sales. Figures are currently forecast at 0.2%.
The federal open market committee minutes will also be released today. The United States Fed Funds rate was raised by 75bps during its July meeting this year – this was the 4th consecutive rate hike pushing borrowing costs to the highest they’ve been in 3 years. In the previous release, Chair Powell said the central bank was “looking for moderately restrictive level by the end of the year” (a 3% to 3.5% level).
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